Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget 57 57 55 Flights (9) $ 16,000 $19,380 $ 18,700 Revenge ($340.004) Expenses Wages and salaries ($3,700 + $80.000) Fuel ($30.000) Airport fees (5850 + $32.009) Aircraft depreciation ($11.009) office expenses ($240 + $1.009) Total expense Net operating income 8,680 8,716 8,540 1,880 1, 710 1,650 2,569 2,674 2,610 627 627 605 465 297 295 14,221 14.024 13.700 $ 1,779 $5.356 $5,000 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances, (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 55 Flights 57 57 $ 16,000 $ 19,380 $ 18,700 Revenue Expenses: Wages and salaries Fuel 8,680 1,880 2,569 8,716 1,710 2,674 627 8,540 1,650 2,610 605 295 Airport fees Aircraft depreciation Office expenses Total expense Net operating income 627 465 14,221 1,779 297 14,024 5,356 13,700 5,000 $ $ $